Study: NYC 4th most expensive place to raise family

A new study ranks New York City as the fourth most expensive place in the country to raise a family.

The study, conducted by the Economic Policy Institute, looked at 618 metropolitan areas around the country. It found that most parents need to earn between $50,000 and $100,000 per year to pay the bills for a family of four.

Washington, D.C. came in as most expensive place to raise a family. Long Island's Nassau and Suffolk counties came in as No. 2, and Westchester County came in third.

The study also found that the overall cost of living for a New York City family of four is about 55 percent more than for a family in an average budget area.

The institute's website includes a family budget calculator to break down monthly costs for what they say is a secure standard of living.